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| Author: | Hillier, B. Rougier, J. |
| Title: | Real business cycles, investment finance, and multiple equilibria |
| Journal: | Journal of Economic Theory
1999 : MAY, VOL. 86:1, p. 100-122 |
| Index terms: | BUSINESS CYCLES INVESTMENTS FINANCE |
| Language: | eng |
| Abstract: | This study builds a simple neo-classical model of the business-cycle characterised by multiple equilibria produced by the interaction of the investment and production processes. For the usual symmetric information model the source of the multiple equilibria may be found in non-linearities in the production function. Under asymmetric information another possible source of multiple equilibria is non-linearities in the investment-wealth relationship. |
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